Gold manufacturing is slated to extend to about 200,000 ounces in monetary yr 2025, the corporate backed by Egyptian billionaire Naguib Sawiris mentioned.
“We found Lafigué for a price of $31 million, equal to an industry-low discovery value of simply $12 per ounce of measured and indicated assets,” chief government Ian Cockerill mentioned within the assertion.
The gold and silver miner’s chief expressed delight in reaching the milestone at Lafigué. Cockerill famous that the achievement, coupled with the inaugural gold pour on the Sabodala-Massawa enlargement earlier in April, marked the fruitful end result of Endeavour’s funding and enlargement efforts initiated within the second quarter of 2022.
“We consider this stage of worth creation is repeatable in West Africa, and now we have already recognized the Assafou deposit on the Tanda-Iguela property in Côte d’Ivoire, the place now we have delineated a prime tier useful resource and one other potential cornerstone asset,” Cockerill mentioned.
The information injects some positivity into Endeavour Mining’s latest historical past, which was tainted by the firing earlier this yr of former president and chief government officer Sébastien de Montessus for severe misconduct.
It additionally follows accusations of misrepresentation over the sale of two African gold mines, Wahgnion and Boungou in Burkina Faso, because the fallout from the tenure of the ousted government continues.
The announcement comes solely a day after experiences of a cyanide spill at Ity gold mine, Endeavour’s second-biggest operation, positioned in southern Côte d’Ivoire.
London-traded shares jumped barely on the information and have been buying and selling 0.12% increased at 1,724p by 1:30 p.m. native time. This leaves Endeavour Mining with a market capitalization of £1.39 billion ($1.76bn).